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Ethiopia - Alliance proposal accepted by transport authority
The Addis Ababa Transport Authority (AATA) accepted the proposal of a city bus share company which is under formation. Alliance Transport Service Share Company (ATSSC) received a letter on December 4 indicating that Alliance's plan to participate in the sector is a positive step because it will help to modernize public transportation in Ethiopia's Capital, Addis Ababa as well as provide more transportation options.
The letter, signed by Tibletse Asgedom, general manager of AATA, explained that the authority supported the plan of the company because it met the government's goal of improving transportation in the city.
ATSSC approached the authority in late October, hoping for support from the government for their innovative share investment and their vision to become a major player in the transportation sector.
The company was formed by twelve prominent individuals with about half a million birr. They have offered 150 million birr worth of shares for the public, which are available until the first week of May 2010. A single share is worth 1,000 birr. Investors can purchase a minimum of 5 shares up to 49% of the total equity.
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